Tata Motors Q4 Review - Margin, Free Cash Flow Continue To Positively Surprise: ICICI Securities
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ICICI Securities Report
Tata Motors Ltd.'s Q4 FY21 operational performance was ahead of consensus estimates with consolidated Ebitda margin at 14.4% (up 444 basis points YoY), driven by strong performance in domestic passenger vehicle (~5%)/commercial vehicle(~9%) and Jaguar Land Rover (15.3%).
Free cash flow generation (Q4: Rs 102 billion) aided net debt reduction (QoQ: Rs 138 billion) and conservative FY22 free cash flow target is more than £500 million (excluding one-time restructuring costs).
In JLR management remains focused on capital deployment towards future technologies with low going concern risk while improving core Ebit margins (FY24 target: more than 7%).
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